Why Buying Florida Health Insurance On Price Alone Is A Mistake

The amount of people buying their own health insurance is likely to reach 20 million this year 2010, in accordance with an analysis by McKinsey & Co. With rampant unemployment, it's tempting to just quit and buy a high-deductible plan with the cheapest premium available. For better or worse, there's a lot more to take into account when comparing Florida health insurance plans than the monthly price tag.

Be sure you are looking at an actual Florida medical health insurance policy and not a discount plan. Also, be cautious to cope with major insurers which have been rated by independent rating organizations, such as a.M. Best, for financial stability. While a rating of "A-" or more doesn't guarantee all your claims will be paid, it can offer assurance that the business has the financial ability to pay its customers' claims.

Here's What To Ask About MEDICAL HEALTH INSURANCE In Florida

One the most important questions to ask is the amount that your out-of-pocket expenses will undoubtedly be limited to, that is known as the maximum out of pocket. Here's a good example of why that's so important.

When Tina Smith bought a policy, she was impressed by low premiums and a $2-million lifetime coverage benefit. She did not realize that an annual limit of just $5,000 was lurking beneath that lifetime limit. This plan limited outpatient treatment to $5,000 a year.

When she developed lymphoma, Tina needed $91,000 for imaging scans and other outpatient services. "I'm not health-care savvy, and it didn't eventually me I had to go over this with a fine-tooth comb," she lamented.

Individual Health Insurance In Florida DOES NOT HAVE ANY Lifetime Limits

That $2 million lifetime limit was fairly standard, but healthcare reform has put an end to these caps on coverage. Insurance firms can't put a limit on the quantity of coverage it is possible to receive during your lifetime. You'll still need to guard against other types of limits, like the annual limit that led to such huge medical debt for Tina.

Also, be get more info know how a plan's deductible works. You should only have one annual deductible, instead of one deductible per incident that could subject you to higher out-of-pocket expenses.

Florida MEDICAL HEALTH INSURANCE Limits Coverage For Pre-existing Conditions

When you're buying your own coverage in what's known as the individual market, it's very difficult to get coverage whenever your health is bad. Children with pre-existing conditions gained guaranteed coverage in 2010 2010 with the passage of health care reform. Adults won't have that kind of protection until 2014.

It may surprise you to learn that pregnancy is termed "a pre-existing condition" in the average person market. Maternity coverage on individual Florida medical health insurance varies by the insurer and by the plan, but individual plans usually do not provide maternity benefits just as that group plans do. read more do not offer maternity coverage if you don't buy an additional rider.

Shockingly, all insurers in the individual market refuse to provide maternity coverage thoughts is broken pregnant. That means you need to buy this before pregnancy begins.

Worse still, insurers typically will decline your husband and children as well until after your child is born.

MEDICAL HEALTH INSURANCE For Florida Limits Maternity Coverage

While you are pregnant, all individual Florida medical health insurance plans can refuse you coverage until after your baby is born. If you get a plan with maternity benefits before you're pregnant, it'll typically add a waiting period before you're eligible for maternity benefits.

For instance, no maternity benefits will be paid through the first 12 months that your policy is in force, but you may have coverage even when you become pregnant during the waiting period.

Conception must have happened after you have had maternity coverage for a specific amount of time, such as for example 270 days. get more info that occurs before that 270-day limit would not typically be covered, at the very least not fully covered.

Maternity benefits may be incremental. For instance, you might have a small benefit in the event that you become pregnant through the 12-month waiting period, a more substantial benefit should you get pregnant in the next year of coverage, and a much larger benefit when you become pregnant through the third year.

Carefully review any limits on your own coverage, especially if you anticipate delivery complications, and remember to subtract your deductible. Maternity coverage is normally a separate good thing about an additional rider with a separate co-insurance charge and a deductible.

By Wiley Long - President, eFLhealthinsurance.com - Florida's leading independent online medical health insurance agency focusing on individual and family Florida MEDICAL HEALTH INSURANCE [1]. Get instant Florida Health Insurance quotes [2], compare plans, apply online, and save your hard earned money!